The World Bank cut its 2022 global growth forecast by nearly a full percentage point from 4.1% to 3.2% on Russia’s invasion of Ukraine, World Bank President David Malpass said on Monday.
The president also said that the World Bank is planning a new 15-month crisis financing target of $170 billion crisis fund with a goal to commit about $50 billion of this financing over the next three months. The package is bigger than the Covid-19 response.
“We’re preparing for a continued crisis response, given the multiple crises,” Malpass told reporters at a news conference at the Spring Meetings of the World Bank Group and IMF in Washington, U.S.
“Over the next few weeks, I expect to discuss with our board, a new 15-month crisis response envelope of around $170 billion to cover April 2022 through June 2023,” he added.
The invasion of the Russian military in Ukraine, or what the Kremlin calls a “special military operation” nearly enters two months as Russia is trying to surround Kyiv, while other Great Nations and NATO continue to sanction Russia, causing commodity prices to spike, which later takes a toll on inflation.
